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Patrick Dugan wrote:
> Just out of curiosity what is he saying now???? I followed him thoughtout
> the early 80's. He was pretty good. Bob/Chicago
NW: Ney was right for the wrong reasons. His theory about Specialists and later
CBOE market makers manipulating the markerts is hogwash. He was right about the
marktets because underlying all his conspiracy theory was a contrarian approach
to the markets. As for Ney the person, in the 80s, he
turned his attention to attacking the CBOE, which at the time I was a member. He
claimed that the market makers manipulated prices. That would require agreement
among a sizeable number of traders
at each trading post. What I remember about being in the pits at the CBOE, is
that most of the traders would kill their grandma to be able to beatl their
fellow market makers for a 1/16 ($6.25 per contract before clearing
commisions). That is how comptetitve it was. So, Ney attacks the CBOE on TV
with his conspiracy theory. The CBOE , in turn, invited Ney to come to the CBOE
trading floor and learn how the sytems works. They offered to pay all of his
expenses. He declined. Case closed.
Cheers,
Norman
>
> -----Original Message-----
> From: Stan Book <sbook@xxxxxxxxxxxxx>
> To: realtraders@xxxxxxxxxxxxxxx <realtraders@xxxxxxxxxxxxxxx>
> Date: Friday, December 31, 1999 9:11 AM
> Subject: [RT] RE: Re: QCOM / NASDAQ stocks
>
> >Hi
> >
> >Does anyone remember Richard Ney and his revelations about the NYSE
> >specialist system?
> >
> >If Ney is right, the Nifty NASDAQ Techs would behave differently if they
> >were specialist controlled. According to Ney, the patterns we identify in
> >charts of NYSE stocks are artifacts of specialists trading for their own
> >accounts. He contended that, in an uncontrolled (i.e. true auction) market,
> >price movements are accentuated by order imbalances at market extremes. Ney
> >observed a price/volume signature at important tops and bottoms in NYSE
> >issues that he used to identify these turning points.
> >
> >Louis Navellier writes
> (http://www.investorplace.com/free/bcg_free_011.php):
> >'NASDAQ is a virtual auction, and many days there are 20 buy orders at the
> >opening for many stocks and no sell orders, so the stocks gap up. In the
> New
> >York Stock Exchange it works a little differently. They have an inventory
> of
> >stocks, and they try to fill the stocks in a little more orderly manner.
> So,
> >some of the tremendous rally we are having is due to the massive order
> >imbalances we are now receiving on NASDAQ. These order imbalances will
> >likely persist in January.'
> >
> >Has anyone on the list explored the premise that price patterns (especially
> >at turning points) differ for NASDAQ stocks?
> >
> >Stan
> >
> >> -----Original Message-----
> >> From: listmanager@xxxxxxxxxxxxxxx [mailto:listmanager@xxxxxxxxxxxxxxx]On
> >> Behalf Of Proffittak@xxxxxxx
> >> Sent: Friday, December 31, 1999 7:53 AM
> >> To: realtraders@xxxxxxxxxxxxxxx
> >> Cc: realtraders@xxxxxxxxxxxxxxx
> >> Subject: [RT] Re: QCOM
> >>
> >>
> >> In a message dated 12/30/99 9:57:14 PM Eastern Standard Time,
> >> toddao@xxxxxxxxxx writes:
> >>
> >> << Is wall street screwing the public in situations like this or do I
> >> read to many emails?
> >>
> >> >>
> >> hi
> >>
> >> the market makers got together for lunch and decided to take all this
> >> (stay home day traders money)
> >> and that's how they did it!!
> >> it made a very bad candle yesterday
> >>
> >>
> >>
> >
> >
> >
> >
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